Connecticut General Statutes 12-642 – Rate of tax. Aggregate limit on tax imposed
(a)(1) With respect to calendar years commencing prior to January 1, 2001, the tax imposed by section 12-640 for the calendar year shall be at a rate of the taxable gifts made by the donor during the calendar year set forth in the following schedule:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $25,000 |
1% |
|
|
Over $25,000 |
$250, plus 2% of the excess |
|
|
but not over $50,000 |
over $25,000 |
|
|
Over $50,000 |
$750, plus 3% of the excess |
|
|
but not over $75,000 |
over $50,000 |
|
|
Over $75,000 |
$1,500, plus 4% of the excess |
|
|
but not over $100,000 |
over $75,000 |
|
|
Over $100,000 |
$2,500, plus 5% of the excess |
|
|
but not over $200,000 |
over $100,000 |
|
|
Over $200,000 |
$7,500, plus 6% of the excess |
|
|
over $200,000 |
Terms Used In Connecticut General Statutes 12-642
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(2) With respect to the calendar years commencing January 1, 2001, January 1, 2002, January 1, 2003, and January 1, 2004, the tax imposed by section 12-640 for each such calendar year shall be at a rate of the taxable gifts made by the donor during the calendar year set forth in the following schedule:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Over $25,000 |
$250, plus 2% of the excess |
|
|
but not over $50,000 |
over $25,000 |
|
|
Over $50,000 |
$750, plus 3% of the excess |
|
|
but not over $75,000 |
over $50,000 |
|
|
Over $75,000 |
$1,500, plus 4% of the excess |
|
|
but not over $100,000 |
over $75,000 |
|
|
Over $100,000 |
$2,500, plus 5% of the excess |
|
|
but not over $675,000 |
over $100,000 |
|
|
Over $675,000 |
$31,250, plus 6% of the excess |
|
|
over $675,000 |
(3) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2005, but prior to January 1, 2010, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, but prior to January 1, 2010, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $2,000,000 |
None |
|
|
Over $2,000,000 |
||
|
but not over $2,100,000 |
5.085% of the excess over $0 |
|
|
Over $2,100,000 |
$106,800 plus 8% of the excess |
|
|
but not over $2,600,000 |
over $2,100,000 |
|
|
Over $2,600,000 |
$146,800 plus 8.8% of the excess |
|
|
but not over $3,100,000 |
over $2,600,000 |
|
|
Over $3,100,000 |
$190,800 plus 9.6% of the excess |
|
|
but not over $3,600,000 |
over $3,100,000 |
|
|
Over $3,600,000 |
$238,800 plus 10.4% of the excess |
|
|
but not over $4,100,000 |
over $3,600,000 |
|
|
Over $4,100,000 |
$290,800 plus 11.2% of the excess |
|
|
but not over $5,100,000 |
over $4,100,000 |
|
|
Over $5,100,000 |
$402,800 plus 12% of the excess |
|
|
but not over $6,100,000 |
over $5,100,000 |
|
|
Over $6,100,000 |
$522,800 plus 12.8% of the excess |
|
|
but not over $7,100,000 |
over $6,100,000 |
|
|
Over $7,100,000 |
$650,800 plus 13.6% of the excess |
|
|
but not over $8,100,000 |
over $7,100,000 |
|
|
Over $8,100,000 |
$786,800 plus 14.4% of the excess |
|
|
but not over $9,100,000 |
over $8,100,000 |
|
|
Over $9,100,000 |
$930,800 plus 15.2% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$1,082,800 plus 16% of the excess |
|
|
over $10,100,000 |
(4) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2010, but prior to January 1, 2011, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $3,500,000 |
None |
|
|
Over $3,500,000 |
7.2% of the excess |
|
|
but not over $3,600,000 |
over $3,500,000 |
|
|
Over $3,600,000 |
$7,200 plus 7.8% of the excess |
|
|
but not over $4,100,000 |
over $3,600,000 |
|
|
Over $4,100,000 |
$46,200 plus 8.4% of the excess |
|
|
but not over $5,100,000 |
over $4,100,000 |
|
|
Over $5,100,000 |
$130,200 plus 9.0% of the excess |
|
|
but not over $6,100,000 |
over $5,100,000 |
|
|
Over $6,100,000 |
$220,200 plus 9.6% of the excess |
|
|
but not over $7,100,000 |
over $6,100,000 |
|
|
Over $7,100,000 |
$316,200 plus 10.2% of the excess |
|
|
but not over $8,100,000 |
over $7,100,000 |
|
|
Over $8,100,000 |
$418,200 plus 10.8% of the excess |
|
|
but not over $9,100,000 |
over $8,100,000 |
|
|
Over $9,100,000 |
$526,200 plus 11.4% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$640,200 plus 12% of the excess |
|
|
over $10,100,000 |
(5) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2011, but prior to January 1, 2018, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3) or (4) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $2,000,000 |
None |
|
|
Over $2,000,000 |
7.2% of the excess |
|
|
but not over $3,600,000 |
over $2,000,000 |
|
|
Over $3,600,000 |
$115,200 plus 7.8% of the excess |
|
|
but not over $4,100,000 |
over $3,600,000 |
|
|
Over $4,100,000 |
$154,200 plus 8.4% of the excess |
|
|
but not over $5,100,000 |
over $4,100,000 |
|
|
Over $5,100,000 |
$238,200 plus 9.0% of the excess |
|
|
but not over $6,100,000 |
over $5,100,000 |
|
|
Over $6,100,000 |
$328,200 plus 9.6% of the excess |
|
|
but not over $7,100,000 |
over $6,100,000 |
|
|
Over $7,100,000 |
$424,200 plus 10.2% of the excess |
|
|
but not over $8,100,000 |
over $7,100,000 |
|
|
Over $8,100,000 |
$526,200 plus 10.8% of the excess |
|
|
but not over $9,100,000 |
over $8,100,000 |
|
|
Over $9,100,000 |
$634,200 plus 11.4% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$748,200 plus 12% of the excess |
|
|
over $10,100,000 |
(6) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2018, but prior to January 1, 2019, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3), (4) or (5) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $2,600,000 |
None |
|
|
Over $2,600,000 |
7.2% of the excess |
|
|
but not over $3,600,000 |
over $2,600,000 |
|
|
Over $3,600,000 |
$72,000 plus 7.8% of the excess |
|
|
but not over $4,100,000 |
over $3,600,000 |
|
|
Over $4,100,000 |
$111,000 plus 8.4% of the excess |
|
|
but not over $5,100,000 |
over $4,100,000 |
|
|
Over $5,100,000 |
$195,000 plus 10% of the excess |
|
|
but not over $6,100,000 |
over $5,100,000 |
|
|
Over $6,100,000 |
$295,000 plus 10.4% of the excess |
|
|
but not over $7,100,000 |
over $6,100,000 |
|
|
Over $7,100,000 |
$399,000 plus 10.8% of the excess |
|
|
but not over $8,100,000 |
over $7,100,000 |
|
|
Over $8,100,000 |
$507,000 plus 11.2% of the excess |
|
|
but not over $9,100,000 |
over $8,100,000 |
|
|
Over $9,100,000 |
$619,000 plus 11.6% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$735,000 plus 12% of the excess |
|
|
over $10,100,000 |
(7) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2019, but prior to January 1, 2020, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3), (4), (5) or (6) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $3,600,000 |
None |
|
|
Over $3,600,000 |
7.8% of the excess |
|
|
but not over $4,100,000 |
over $3,600,000 |
|
|
Over $4,100,000 |
$39,000 plus 8.4% of the excess |
|
|
but not over $5,100,000 |
over $4,100,000 |
|
|
Over $5,100,000 |
$123,000 plus 10% of the excess |
|
|
but not over $6,100,000 |
over $5,100,000 |
|
|
Over $6,100,000 |
$223,000 plus 10.4% of the excess |
|
|
but not over $7,100,000 |
over $6,100,000 |
|
|
Over $7,100,000 |
$327,000 plus 10.8% of the excess |
|
|
but not over $8,100,000 |
over $7,100,000 |
|
|
Over $8,100,000 |
$435,000 plus 11.2% of the excess |
|
|
but not over $9,100,000 |
over $8,100,000 |
|
|
Over $9,100,000 |
$547,000 plus 11.6% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$663,000 plus 12% of the excess |
|
|
over $10,100,000 |
(8) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2020, but prior to January 1, 2021, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3), (4), (5), (6) or (7) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $5,100,000 |
None |
|
|
Over $5,100,000 |
10% of the excess |
|
|
but not over $6,100,000 |
over $5,100,000 |
|
|
Over $6,100,000 |
$100,000 plus 10.4% of the excess |
|
|
but not over $7,100,000 |
over $6,100,000 |
|
|
Over $7,100,000 |
$204,000 plus 10.8% of the excess |
|
|
but not over $8,100,000 |
over $7,100,000 |
|
|
Over $8,100,000 |
$312,000 plus 11.2% of the excess |
|
|
but not over $9,100,000 |
over $8,100,000 |
|
|
Over $9,100,000 |
$424,000 plus 11.6% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$540,000 plus 12% of the excess |
|
|
over $10,100,000 |
(9) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2021, but prior to January 1, 2022, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3), (4), (5), (6), (7) or (8) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $7,100,000 |
None |
|
|
Over $7,100,000 |
10.8% of the excess |
|
|
but not over $8,100,000 |
over $7,100,000 |
|
|
Over $8,100,000 |
$108,000 plus 11.2% of the excess |
|
|
but not over $9,100,000 |
over $8,100,000 |
|
|
Over $9,100,000 |
$220,000 plus 11.6% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$336,000 plus 12% of the excess |
|
|
over $10,100,000 |
(10) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2022, but prior to January 1, 2023, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3), (4), (5), (6), (7), (8) or (9) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over $9,100,000 |
None |
|
|
Over $9,100,000 |
11.6% of the excess |
|
|
but not over $10,100,000 |
over $9,100,000 |
|
|
Over $10,100,000 |
$116,000 plus 12% of the excess |
|
|
over $10,100,000 |
(11) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2023, including the aggregate amount of all Connecticut taxable gifts made by the donor during all calendar years commencing on or after January 1, 2005, the tax imposed by section 12-640 for the calendar year shall be at the rate set forth in the following schedule, with a credit allowed against such tax for any tax previously paid to this state pursuant to this subdivision or pursuant to subdivision (3), (4), (5), (6), (7), (8), (9) or (10) of this subsection, provided such credit shall not exceed the amount of tax imposed by this section:
|
Amount of Taxable Gifts |
Rate of Tax |
|
|
Not over the |
None |
|
|
federal basic exclusion amount |
||
|
Over the |
12% of the excess over the |
|
|
federal basic exclusion amount |
federal basic exclusion amount |
(b) The tax imposed by section 12-640 shall be paid by the donor. If the gift tax is not paid when due the donee of any gift shall be personally liable for the tax to the extent of the value of the gift.
(c) (1) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2016, but prior to January 1, 2019, the aggregate amount of tax imposed by section 12-640 for all calendar years commencing on or after January 1, 2016, shall not exceed twenty million dollars.
(2) With respect to Connecticut taxable gifts, as defined in section 12-643, made by a donor during a calendar year commencing on or after January 1, 2019, the aggregate amount of tax imposed by section 12-640 for all calendar years commencing on or after January 1, 2016, shall not exceed fifteen million dollars.